A report from ICIS indicates that confidence in the chemical sector has dropped sharply since Britain’s vote to leave the European Union. Released on July 26, the Europe ICIS Chemical Market Confidence Index (CMCI) indicates a dramatic decline over last month and compared with 12 months ago. This reportedly follows warnings from the German chemical trade group VCI and the IMF on the vote’s impact on European GDP growth.
The report also reveals a similar outlook for other market sectors. Automotive, retail and building industry trade groups all report a weakened outlook for employment, investment and growth.
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